Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Activities
Net Income (Loss)	$ (19,054)	$ (5,306)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	2,566	634
Depreciation	82	79
Noncash lease expense	50	133
Realized gain on sale of marketable securities, net	0	(119)
Amortization (accretion) of premium (discounts) on investments, net	17	(12)
Gain on change in fair value of derivative instruments	(200)	(768)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(10,219)	83
Operating lease liabilities	(99)	2
Accrued interest on marketable securities	103	40
Accounts payable and accrued expenses	3,464	(2,894)
Net cash used in operating activities	(23,290)	(8,128)
Investing Activities
Purchases of property and equipment	(32)	(21)
Proceeds from the sale of marketable securities	0	2,501
Maturities of marketable securities	0	2,500
Net cash (used in) provided by investing activities	(32)	4,980
Financing Activities
Proceeds from issuance of common stock and pre-funded warrants in a private placement	100,000	0
Payment of issuance costs for private placement	(6,198)	0
Proceeds from exercise of warrants and options	29	0
Net cash provided by financing activities	93,831	0
Net increase (decrease) in cash, cash equivalents and restricted cash	70,509	(3,148)
Cash, cash equivalents and restricted cash, beginning of period	250,943	23,476
Cash, cash equivalents and restricted cash, end of period	$ 321,452	$ 20,328